Huaxin Securities·2025-09-29 02:12Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The company's server computing business is expected to have a promising future, with strong performance in the government and enterprise sectors [1] - The company achieved a revenue of 71.55 billion yuan in the first half of 2025, a year-on-year increase of 14.51%, while net profit attributable to shareholders decreased by 11.77% [4] - The report highlights the company's proactive expansion into intelligent computing data center projects [5] Financial Performance - In Q2 2025, the company reported a revenue of 38.59 billion yuan, a year-on-year increase of 20.92% and a quarter-on-quarter increase of 17.04% [5] - The net profit attributable to shareholders for Q2 2025 was 2.60 billion yuan, a year-on-year decrease of 12.94% but a quarter-on-quarter increase of 6.16% [5] - The gross profit margin for Q2 2025 was 30.90%, down 8.08 percentage points year-on-year [5] Business Segments - The operator network segment saw a revenue of 35.06 billion yuan in the first half of 2025, a year-on-year decrease of 5.99% [6] - The government and enterprise business segment achieved a revenue of 19.25 billion yuan, a year-on-year increase of 109.93% [8] - The consumer business segment reported a revenue of 17.24 billion yuan, a year-on-year increase of 7.59% [9] Future Projections - Revenue forecasts for the company are 137.92 billion yuan, 153.50 billion yuan, and 170.54 billion yuan for 2025, 2026, and 2027 respectively [10] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.79 yuan, 1.91 yuan, and 2.14 yuan respectively [10] - The report anticipates a positive growth trend in the company's intelligent computing business, particularly in the context of rising demand for AI computing power [10]